Why has my mortgage application been declined?!?!
Broker vs. Bank / Credit / Debts / Documents / Downpayment / First Time Home Buyer / Income / Insurance / Lenders / Market Updates / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties / Rules / Uncategorized

Why has my mortgage application been declined?!?!

Being declined for a mortgage can be quite disheartening, especially when you consider all of the hard work that goes into applying for one in the first place! Understanding why you were declined allows you to recognize certain areas of your finances that can be improved. The good news is that just because one lender … Continue reading

Bank declined you? What other mortgage options are available?
Broker vs. Bank / Credit / Documents / Downpayment / First Time Home Buyer / Lenders / Market Updates / mortgage / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rental Properties / Rules / second mortgage / Second Mortgage Options / Stress Test / Uncategorized

Bank declined you? What other mortgage options are available?

With all of the significant government mortgage rule changes I have personally seen a growing segment of the population finding it more difficult to qualify with a prime lender at best rates for a number of reasons. Borrowers with recent credit issues, or those who just don’t make enough income to qualify in the price … Continue reading

Credit and marriage go together like a horse and carriage. Not always!!!!
Broker vs. Bank / closing costs / Credit / divorce / Documents / Lenders / mortgage rule changes / Purchase / Qualifying / Refinance / Relationship Breakdown / Rules / Uncategorized

Credit and marriage go together like a horse and carriage. Not always!!!!

If you own and live in a home with a sibling, partner or spouse, common law or married, and have decided to part ways; read on. I believe one of the most stressful issues of a relationship breakdown is what to do about the jointly owned home and mortgage. For some, one party could keep … Continue reading

Mortgage due for renewal soon? Do you stay or do you go?
Broker vs. Bank / Credit / Documents / Lenders / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Qualifying / Refinance / Rules / Stress Test / Uncategorized

Mortgage due for renewal soon? Do you stay or do you go?

The days are gone where homeowners would commit for life to only one mortgage lender. If your mortgage is due for renewal soon, you may want to start thinking about what you’re going to do when your mortgage term ends. While you could renew with your current lender, you may be missing out on potential mortgage interest savings or better … Continue reading

IS YOUR DREAM HOME NO LONGER FITTING INTO YOUR BUDGET?
Broker vs. Bank / closing costs / Credit / Documents / Downpayment / Income / Lenders / Market Updates / mortgage / mortgage rule changes / Purchase / Qualifying / Rules / Stress Test / Uncategorized

IS YOUR DREAM HOME NO LONGER FITTING INTO YOUR BUDGET?

It has now been over a month since the Office of the Superintendent of Financial Institutions (OSFI) announced its sixth change to its B-20 guidelines, which are otherwise known as the mortgage rules that must be followed by all federally regulated lenders. I have heard a number of mortgage brokers are saying the borrower rejection … Continue reading

Helpful hints on how to save for a down payment to buy a home
Broker vs. Bank / closing costs / Credit / Documents / Downpayment / First Time Home Buyer / Helpful Tools / Income / Lenders / Market Updates / mortgage / Mortgage Renewal / mortgage rule changes / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Refinance / Rental Properties / Rules / Stress Test / Uncategorized

Helpful hints on how to save for a down payment to buy a home

As a mortgage broker for the last 15 years and 20 years before that as a banker, I have heard from many people over the years who say they are tired of renting. A common statement is “I can easily make a mortgage payment because I am paying at least that amount in rent but … Continue reading

YIKES!!!! Do I stay in a variable rate mortgage or convert into a fixed rate term before the rates go up even higher????
Broker vs. Bank / Credit / Documents / Lenders / mortgage / Mortgage Renewal / mortgage rule changes / prime rate / Qualifying / Rates & Terms / Stress Test / Uncategorized / Variable Interest Rates

YIKES!!!! Do I stay in a variable rate mortgage or convert into a fixed rate term before the rates go up even higher????

Definition of a decision- A choice made between alternative courses of action in a situation of uncertainty. Even with 35 years of mortgage experience, I am confused as to how to answer this question because the economists seem to all have different opinions about what is going to happen with the rates and let’s face … Continue reading